Logo

BWAY

BrainsWay Ltd.

BWAY

BrainsWay Ltd. • NASDAQ
$17.49 ▲ 10.49% (+1.66)
Market Cap $342.31 M
52w High $17.92
52w Low $7.84
Dividend Yield 0%
P/E 54.66
Volume 148.72K
Outstanding Shares 19.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.512M ▲ $8.906M ▼ $1.566M ▼ 11.59% ▼ $0.08 ▼ $2.212M ▼
Q2-2025 $12.632M ▲ $8.921M ▲ $2.027M ▲ 16.047% ▲ $0.1 ▲ $3.269M ▲
Q1-2025 $11.536M ▲ $8.034M ▼ $1.107M ▼ 9.596% ▼ $0.06 ▼ $2.244M ▲
Q4-2024 $11.414M ▲ $8.08M ▲ $1.548M ▲ 13.562% ▲ $0.082 ▲ $1.389M ▼
Q3-2024 $10.502M $7.44M $662K 6.304% $0.08 $1.559M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $70.458M ▼ $113.062M ▲ $42.997M ▼ $70.065M ▲
Q2-2025 $77.999M ▲ $111.564M ▲ $43.432M ▲ $68.132M ▲
Q1-2025 $71.601M ▲ $100.198M ▲ $36.448M ▲ $63.75M ▲
Q4-2024 $69.345M ▲ $94.316M ▲ $32.003M ▲ $62.313M ▲
Q3-2024 $48.127M $72.1M $28.072M $44.028M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.566M ▼ $1.386M ▼ $1.365M ▲ $-208K ▲ $2.546M ▲ $585.999K ▼
Q2-2025 $2.027M ▲ $12.383M ▲ $-15.859M ▼ $-264K ▲ $-3.689M ▼ $11.217M ▲
Q1-2025 $1.107M ▼ $5.01M ▲ $-1.966M ▼ $-755K ▼ $2.256M ▼ $3.967M ▲
Q4-2024 $1.548M ▲ $3.494M ▲ $-1.843M ▼ $19.585M ▲ $21.218M ▲ $2.571M ▲
Q3-2024 $662K $2.278M $-1.334M $-698K $263K $978K

Five-Year Company Overview

Income Statement

Income Statement BrainsWay’s revenue has been inching up over the past few years, and the company is now operating very close to break-even, with gross profits comfortably positive. Losses that were more noticeable a few years ago have narrowed, and the latest period shows the business essentially hovering around profitability. The overall picture is of a company that has moved from clear losses to a more stable, almost break-even income profile, but still without a long track record of consistent profits. Key risk: small changes in sales or costs can quickly swing results between profit and loss because the earnings base is still relatively thin.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a small medical device company. Cash has increased meaningfully in the most recent year, giving the company a stronger liquidity cushion than it had before. Debt is minimal, so the capital structure leans heavily on equity rather than borrowing, which reduces financial strain in tougher periods. Total assets and shareholders’ equity have both trended upward, suggesting ongoing investment in the business and no obvious signs of balance sheet stress. The main watchpoint is that the company is still modest in scale, so any major setback in operations could quickly matter for its financial position.

Cash Flow

Cash Flow Cash generation has improved. Operating cash flow has shifted from being occasionally negative to slightly positive, and free cash flow has followed the same path, helped by limited spending on physical assets. This means the company is starting to fund more of its activities from the cash its business produces, rather than relying as heavily on outside capital. However, the margin of safety is still slim. Cash flows are positive but not yet robust, so sustained growth or any increase in working capital needs will be important to monitor.

Competitive Edge

Competitive Edge BrainsWay operates in a specialized corner of the mental health device market, where it has carved out a differentiated niche. Its Deep TMS platform targets deeper brain regions than standard TMS systems, backed by proprietary coil technology and a substantial body of clinical evidence. Multiple treatment approvals, including for depression, obsessive-compulsive disorder, and smoking addiction, broaden its clinical use and help strengthen its position with clinics and payers. The installed base of systems and a recurring, lease-driven business model help create ongoing revenue from existing customers. At the same time, competition in neuromodulation is active, and larger medical-technology players could pressure pricing and adoption, so maintaining clinical and technological leadership is critical for preserving its edge.

Innovation and R&D

Innovation and R&D Innovation is the core of BrainsWay’s story. The company’s Deep TMS technology is the centerpiece, and it is protected by patents and supported by a large portfolio of clinical studies. Management appears to be pushing the platform forward with faster treatment protocols, new indications, and a next-generation, multi-channel system aimed at more precise and comprehensive brain stimulation. BrainsWay is also experimenting beyond the clinic, with an investment in at-home neuromodulation and early moves toward broader digital and potentially AI‑assisted personalization. The innovation pipeline is diverse—ranging from new patient groups such as adolescents to entirely new disorders like alcohol use disorder—suggesting a long runway of potential applications, albeit with the usual regulatory and clinical trial uncertainties.

Summary

BrainsWay looks like a small but maturing medical device company that has moved closer to financial stability while leaning heavily on a distinctive, clinically validated technology platform. The income statement shows a transition from clear losses toward near break-even results, the balance sheet is relatively clean with more cash and little debt, and cash flow has shifted into modestly positive territory. Strategically, the company’s strength lies in its patented Deep TMS technology, multiple treatment approvals, and a recurring-revenue model with clinics. Its pipeline of new protocols, patient segments, and at-home approaches offers meaningful growth potential but also brings the usual execution, regulatory, and adoption risks. Overall, BrainsWay appears to be in a phase where the commercial model and financials are catching up to a technology platform that is already well-established in its niche.

NEWS

November 25, 2025 · 7:30 AM UTC

BrainsWay to Host Virtual Analyst & Investor Day to Discuss the Company's Growth Strategy and Deep TMS™ Treatment December 1, 2025

Read more

November 17, 2025 · 7:30 AM UTC

BrainsWay Launches First Clinical Trial of Deep TMS 360™ System for Alcohol Use Disorder

Read more

November 13, 2025 · 6:00 AM UTC

BrainsWay Receives FDA Clearance of Deep TMS™ as Adjunct Therapy for Major Depressive Disorder (MDD) in Adolescents Aged 15 to 21

Read more

November 11, 2025 · 7:30 AM UTC

BrainsWay Reports Third Quarter 2025 Financial Results and Operational Highlights

Read more

November 4, 2025 · 8:00 AM UTC

BrainsWay Reports National Institutes of Health Grant to Leading U.S. Research Team Investigating Accelerated Deep TMS for Treatment of Alcohol Use Disorder

Read more